Are millennials too young to think about estate planning?

On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in blog on Thursday, June 15, 2017.

When you are young, healthy and single, preparing an estate plan is not something that comes to mind as easily, say, as preparing for your next vacation. Like many millennials, you are probably focused on your career and on new and engaging experiences. In short, you feel that putting an estate plan together will not be necessary for decades.

However, things change. You buy your first house, get married and have a child. You are only 29, but suddenly you begin thinking that you should at least have a will.

Extenuating circumstances

Marriage is definitely a game changer in terms of estate planning, and the arrival of a baby even more so. There are other situations, however, that may prompt your interest in the subject. For example, there are strict inheritance laws that pertain to non-U.S. citizens. If your spouse was born outside the country, you should think about setting up a trust that would protect his or her ability to inherit your assets if you should die. The same applies to a family with a special needs child or to a blended family.

Taking care of business

Here is another situation to consider: Are you a business owner or an entrepreneur? Have you thought about what happens to your company and your employees if you should suddenly pass away? If you own a business, you should consider legal protection for your brand and your intellectual property, and this line of thought brings you right into estate planning.

Estate planning benefits

Once you get together with an attorney to discuss estate planning, you will find that wills and trusts are only part of the whole picture. For instance, health care directives provide instructions as to how you wish to be cared for if you should become incapacitated. If you are not married but have a domestic partner, estate planning documents can give him or her the legal right to manage your estate if you should die. Remember, things change. Perhaps now is a good time for you to think about estate planning after all.

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